For the average millennial or at least anyone that pays attention to the business world, the term “cryptocurrency” would not seem like such a strange word. If that is, then the terms Bitcoin, Ethereum or at least Blockchain should ring a bell. One might wonder, why are these terms suddenly so prevalent, especially cryptocurrency news? Computing is getting rather pervasive and the society is leaning towards digital services. The finance world too isn’t spared as the disruption of technology into this sector has fostered the birth and development of Fintech organizations.
These Fintech organizations look to digitize payments and transactions, offering the same services that are currently in existence but in a better, efficient and more effective way.
Blockchain is the network upon which most of these cryptocurrencies operate on. The history of blockchain and bitcoin, in particular, does not have a definite story. In 2009, an individual or group of individuals known to be “Satoshi Nakomoto” developed and published the technology to allow people make digital payments between themselves anonymously without having an external party to verify or authorize the transfer of the currency being exchanged.
Although technologies like this might seem rather complex, understanding how Blockchain works is quite easy, given that one has a basic idea of how networks work. Blockchain is simply a database shared between several users, containing confirmed and secured entries. It is a network, where each entry has a connection to its previous entry.
This technology affords a very secure model whereby every record in the database cannot be tampered with. Apart from the stellar security that this network offers, the transparency and speed at which the network operates give it an edge over the conventional way of conducting transactions.
In simple terms, cryptocurrencies are just monies in digital form, transacted via digital means and over a digital network. The transfer of these currencies is utilized with cryptography and the aforementioned blockchain network. Up until the 2010s, cryptocurrencies were not really known until Bitcoin made its breakout and this gave rise to the birth of new cryptocurrencies.
Cryptocurrencies have had their fair share of bullish and bearish trends, going to show how unstable they can be. The latest cryptocurrency news reports lots of people predicting prices for various cryptocurrencies in the years to come but no-one can say for sure.
Blockchain, on the other hand, is making its way into pervasive computing, especially IoT, giving way for the development of new solutions that embrace data security and transparency.
Estonian NFT infrastructure startup NFTPort plans to channel its newly-acquired funding towards scaling its operations in the NFT space.
As the Bitcoin price crashes to $20,000, El Salvador’s total Bitcoin investment is down more than 50% under $50 million with the average BTC purchase price at $45,171.
According to Bill Gates, the asset class is completely based on sentiments, and so cannot be trusted.
Binance co-founder Yi He also confidently spoke on the company’s ongoing hiring spree. He noted that the company has over 2,000 open positions for engineers, product managers, and business developers.
Despite the drop in prices, the buying pressure increased, as more investors look to purchase the NFT at lower prices.
BlockFi will pay settlements of up to $50 million to the 53 United States following the investigation, as well as another $50 million to the SEC.
As the SEC head believes the senators’ bill could undermine market regulations, the CFTC Chairman is confident in the proposition.
It certainly appears that the crypto market is going as far down as possible, therefore it might be safe to say that the so-called “crypto winter” is upon us.
The recent market downturn has seen the crypto market move in tandem with stocks.
Crypto payment gateway Nume Crypto generated funding from a host of VC firms to offer upcoming products NumePay and NumePay Business.
Boso Tokyo says that its NFT avatar initiative will ensure user metaverse identity is preserved while promoting Japanese-inspired artform.
Recently, Goldman Sachs has teamed up with Coinbase to come out with the first crypto-backed loan.
Binance announced that it has resumed withdrawals after finding a fix for several on-chain transactions stuck on the Bitcoin blockchain as the BTC price collapsed.
The price of Bitcoin briefly hit $21K in the Asian trading session as the global market plunge continues without any signs of easing.
Despite the bearish market, Mike Novogratz believes the prices will not fall much further.